Rocket Companies (NYSE:RKT) Given New $18.00 Price Target at Wedbush

Rocket Companies (NYSE:RKT) had its price target increased by Wedbush from $15.00 to $18.00 in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has a neutral rating on the stock.

RKT has been the subject of a number of other reports. Wells Fargo & Company increased their price target on Rocket Companies from $13.00 to $15.00 and gave the stock an equal weight rating in a report on Friday, August 2nd. Royal Bank of Canada raised their target price on Rocket Companies from $14.00 to $16.00 and gave the stock a sector perform rating in a research note on Friday, August 2nd. Bank of America boosted their price target on Rocket Companies from $12.00 to $14.00 and gave the company an underperform rating in a research note on Thursday, August 29th. Keefe, Bruyette & Woods raised shares of Rocket Companies from an underperform rating to a market perform rating in a research report on Monday, August 5th. Finally, UBS Group boosted their target price on shares of Rocket Companies from $10.50 to $11.50 and gave the company a sell rating in a research report on Thursday, September 5th. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $13.52.

Rocket Companies Price Performance

Rocket Companies stock opened at $18.46 on Wednesday. The stock’s 50 day moving average is $17.27 and its 200 day moving average is $14.73. Rocket Companies has a one year low of $7.17 and a one year high of $21.28. The firm has a market cap of $36.73 billion, a P/E ratio of 167.83 and a beta of 2.44. The company has a debt-to-equity ratio of 1.27, a current ratio of 13.18 and a quick ratio of 13.18.

Rocket Companies (NYSE:RKT) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. Rocket Companies had a net margin of 0.29% and a return on equity of 0.90%. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company earned ($0.05) EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, research analysts expect that Rocket Companies will post 0.22 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Principal Securities Inc. acquired a new stake in shares of Rocket Companies in the 4th quarter worth about $26,000. Vima LLC bought a new stake in Rocket Companies during the 4th quarter worth approximately $31,000. Blue Trust Inc. purchased a new stake in shares of Rocket Companies in the second quarter worth approximately $61,000. Quarry LP lifted its holdings in shares of Rocket Companies by 858.8% in the second quarter. Quarry LP now owns 4,353 shares of the company’s stock valued at $60,000 after purchasing an additional 3,899 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Rocket Companies during the first quarter valued at approximately $77,000. 4.59% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Companies

Rocket Companies, Inc, a fintech holding company, provides mortgage lending, title and settlement services, and other financial technology services in the United States and Canada. It operates through two segments, Direct to Consumer and Partner Network. The company’s solutions include Rocket Mortgage, a mortgage lender; Amrock that provides title insurance, property valuation, and settlement services; Rocket Homes, a home search platform and real estate agent referral network, which offers technology-enabled services to support the home buying and selling experience; and Rocket Loans, an online-based personal loans business.